Research by GetAgent.co.uk has found that the number of monthly sales completed across the property market passed the 100,000 mark for the first time since December 2022.
The estate agent comparison website looked at Government data, analysing the average number of monthly transactions between December 2021 and August 2023 when interest rates were on the rise, comparing it to activity post-September 2023 when the base rate was first frozen at 5.25%.
Between December 2021 and August 2023, there was an average of 99,510 monthly transactions - the number of transactions completing increased by 2.2% on average per month.
Between September 2023 and July 2024 – when the base rate was frozen at 5.25% – the average monthly transactions dropped to 87,940 per month – declining at an average monthly rate of 2.2%.
The August figures suggested that transactional volumes were slowly starting to benefit from the increased positivity that was feeding into the market.
Compared to the previous month, transaction volumes increased by 7.6% in August following the first base rate reduction in four years.
This saw 104,330 transactions completed across the market, making it the first time that this monthly figure had breached the 100,000 mark.
Colby Short, co-founder and CEO of GetAgent.co.uk, said: “We’ve seen a high level of property market positivity so far this year and there’s no doubt that a hold on interest rates has helped to bring a greater degree of confidence to the market, with buyer activity in the way of mortgage approval levels increasing consistently in recent months.
“However, whilst this greater level of stability has helped entice buyers back to the fold, it’s only now that we’re seeing this filter through to an increase in transactional volumes, with total UK transactions exceeding the 100,000 threshold for the first time in almost two years.
“This is, of course, due to the time required to push a sale through from offer accepted to complete and so whilst the outlook for the year is good, we’re unlikely to see the market return to full strength until next year where transaction levels are concerned.”